Lee Insurance Agency Blog

Do you know what your apartment complex/landlord actually covers?

Taylor Fulford
February 08, 2019

Moving into your new apartment or rental home is super exciting! You have all of this new stuff happening and it can be easy to forget about the smaller, but still very important, details. Not to mention you have so much paperwork to do when signing those long and lengthy leases, but did you read all of the small print? Do you know what your apartment complex, or landlord, covers if something were to happen? In most cases the standard apartment complex or landlord will only pay expenses to cover damages that occur to the actual place of residence itself.

So then what happens if any of your personal belongings were to get stolen, or damaged? That is left completely up to you. Your apartment complex/landlord would have no obligation to pay for damage to your personal property, even in the event of a freak accident like a fire for example.

Protection of personal property is a must.

One of the great things about renter insurance is that you will have your personal property protected. This covers your belongings like furniture, TV’s, electronics, clothing etc. This means that in the event of something unexpected such as a theft, fire, bursting pipes, lightning, power surge, etc., your insurance company will cover the necessary expenses to replace those items. “The average renter owns about $20,000 in personal property and is 25 percent more likely to be burglarized than someone who owns a home” (Esurance). You can also make the choice to opt in to protect some more expensive possessions on your renter insurance policy. This would include protection on items such as jewelry, furs, cameras, musical instruments, collectables and other higher value items.

Personal Liability is a big deal.

Personal liability is another extremely important coverage that renter insurance provides. This coverage pays the expenses for claims that involve bodily injury or damage to personal property, whether you are at fault or not. However, this does not include intentional bodily harm or intentionally damaged property. What it does cover is accidents that are a result of negligence, or where you could be at fault. This would include incidences like dog bites, slips and falls, fallen trees, intoxicated guests, and injured workers. In fact, a huge number of apartment complexes and landlords will require you to have at least $100,000 of liability protection.

This is a really smart way to keep yourself financially protected. This would cover the costs if a guest were to fall or hurt themselves on the premises and needed medical attention. This would additionally take care of your costs of any potential law suits that someone could file against you because they were injured at your place of residence. It truly is something that every renter should have to protect themselves.

Loss of use coverage could save you.

Freak accidents happen all the time and the worst part is you can never anticipate when they are going to take place. What if a tree fell into your rental residence and you couldn’t stay there during the time that the repairs were taking place? Loss of use coverage has your back, and will take care of any relocation/living expenses for the time that your apartment/rental home is being repaired. The costs of a hotel room, food, and any other living expenses that you would need during that time would be taken care of!

Renter insurance is remarkably cheap!

It must cost a fortune to have all of these great coverages, right? Nope! Renter insurance is really cheap and affordable. I know for myself, it is the cheapest bill that I pay each month. The average cost of renter insurance comes out to a monthly payment of around $16/month. That is less than a dollar a day! There is honestly no reason to not purchase this insurance when it is available at such a low price.

Still thinking about it? What if I told you that on top of this already affordable price, that you can get extra discounts on your premium? Most insurance companies, like Travelers, offer discounts for things like burglar alarm, smoke detectors, deadbolt locks, and fire extinguishers. Chances are that you already pay some form of insurance already, such as auto insurance for example. Insurance companies will often bundle your renter policy with another existing policy that you have with that company for a significant discount!

How we can help you get started.

In the end when you look over all the pros and cons to purchasing a renter insurance policy, it really is the smartest and most responsible decision you can make for yourself as a renter. Here at Lee Insurance Agency, we can help you by shopping your policy for you to secure the best coverage for you at a low cost. Give us a call at (281) 812-8400 and we can get you started with a free quote today.